That’s a massive gap—and it’s widening at a time when more Canadians are rethinking their financial strategy. The survey of 1,045 Canadians found that 52% said economic uncertainty is causing them to consider creating a financial plan or overhauling an existing one.
Having a plan is clearly beneficial, so why aren’t more people doing it? According to the survey, there are three culprits: cost, complexity, and confusion about what a financial plan even is.
The barriers holding Canadians back
Nearly half (45%) of survey respondents haven’t worked with a professional planner before:
43% say they’re unsure about the process or whether it’s worth the money
42% think it’s too expensive
Only 44% have a “very clear” understanding of a financial plan entails
But here’s the thing: among the 55 per cent of Canadians who have worked with a professional planner, 56% say the value was completely worth the cost. Another 37% said it was somewhat worth it—so that’s 93% who felt they got their money’s worth.
The KPMG report shows that 53% of Canadians believe a financial plan is “extremely valuable,” but it seems that misconceptions about cost and complexity are preventing them from taking that next step.
Also read: Financial planning for the first time? A guide for women on a single income
DIY plans beat no plan, but professional guidance wins
Of the survey respondents, there are three groups: 55% have a professional plan, 25% created their own, and 20% have nothing. Those who went the DIY route feel significantly more confident than those without (72% vs. 36%), but they still lag behind those who sought the help of a professional planner.
The generational split on technology
Age also seems to play a role in how Canadians view financial planning:
54% of Gen Z (ages 25–30) would prefer a self-service digital tool to a human advisor
41% of Millennials (ages 31–45) want tools plus human support
Gen X (ages 46–60) is evenly split across all three options
56% of Baby Boomers (ages 61–79) want to work exclusively with a human advisor
There’s one thing every age group agrees on: 72% want real-time access to their financial plans, saying it would enhance their experience.
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The bottom line
The survey data appears compelling: professional financial planning delivers measurable results. But, at the end of the day, some plan is better than no plan. If cost or complexity is holding you back—or you simply prefer using online tools to do things yourself—have a go at creating your own plan. You can always check in with a financial advisor for feedback and suggestions to help boost your confidence and ensure you’re on the right track towards a comfortable retirement.
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